I just finished the "I'm Ready" questionnaire, which seems like a repeat of the original application with a few questions missing answers for some reason.
Now we wait for approval
That's great. How and where did you finally see the "I'm ready" button?
Did you just keep logging in until you saw the prompt? I'm still not seeing it..
I just posted on the other thread that I was able to complete the I'm ready questionnaire without receiving the email. We are in CA.
We just logged in to Online Banking on a desktop. It took several tries since the bandwidth is eaten up when we all try to access at once. Just BE CALM AND CARRY ON. I left the room and came back 5 min later to find the popup telling me to update the account info. TAKE YOUR TIME and just allow the buffering circle to complete. Do not refresh. It kicks you out.
You can do it.
Do you access the questionnaire through your online banking account or is it a link that comes through an email, does it appear in intralinks, etc. Thanks for your help
I am also in California...no luck yet on seeing the update lcon...was that on the landing page when you login to BOA? I am on my desktop
We never received an email but from reading the posts on this site we logged into our online account from the laptop. The first time there was no prompt to update information. We logged out and back in again and the prompt appeared the second time.
can you please let us know what info they asked for when you clicked on the I'm ready button?
airdisc1, Congrats! Was that the total amount or just the advance? Did you get loan papers or you actually received the funds in your bank? I am curious because I got the loan papers last Friday, signed and uploaded the forms the same day, got a call from an SBA lawyer on Monday who asked to sent him my Drivers license and UCC filing, and told me I should receive the funds in 3-4 days but have not received the funds yet.
Same situation. Got a email this morning about needing additional info. Logged onto my online banking account. The home page after log in lists my personal and biz accounts. No 'I'm Ready' button. No prompts or alerts regarding information.
I tried to call the BoA small biz number which transferred. me to a department handling the PPP only to wait for 4 hours then get disconnected.
Any advice or help would be greatly appreciated.
I am NY based.
I'm sure many of you are watching the news of the PPP loan approvals, and that Bank of America had already received like $36 billion in loan requests by Monday. I wanted to share my timeline and experience. I think it would help to know that thousands of other SMBs are going through the same anxious process.
I filled out the BofA loan application at 8:15am (Central) on Friday. I received the Intralinks email on Sunday at 12:41pm (over 2 days later). I submitted the required documentation at 1:45am on Monday morning. I haven't had any response as of Wednesday at 10 am (2 days later).
I submitted BOTH the 2019 reports and the "last 12 months" (4/1/2019 - 3/31/2020) requested by Bank of America. The conflict between the Treasury Dept (2019 data) and the SBA (last 12 months) is frustrating. I also deducted the average monthly federal withholding and payroll taxes (both employee and employer portions) as directed by the SBA and Bank of America's example.
It's frustrating because "payroll costs" definitely include the my portion of FICA and FUTA. However, that was specifically excluded in their formula per the SBA Interim Final Rule. See section g3 on page 11 of https://www.sba.gov/sites/default/files/2020-04/PPP--IFRN%20FINAL_0.pdf
Payroll costs are 80% of our total monthly expenses. We are a perfect candidate for the PPP loan, with sales dropping off a cliff and we plan on keeping all employees.
UPDATE: We finally got funding on Wednesday, April 29th!
Message was edited by: Brian Sweat